USD/JPY approaches 145.00 as US PPI rose strongly

USD/JPY is looking to capture the 145.00 resistance as US PPI grew stronger than expected.
The US Dollar Index climbs above 102.60 as producers elevated the prices of goods and services at factory gates by 0.3%.
The Japanese Yen remains under pressure amid an absence of a supportive BoJ policy.

Sagar Dua FXStreet

The USD/JPY pair is marching towards the critical resistance of 145.00 in the London session. The asset rallies due to underperformance from the Japanese Yen. The major struggles to continue its four-day winning streak as investors await the United States Producer Price Index (PPI) data for further guidance.

S&P500 futures post some losses in Europe amid caution due to robust US PPI and US President Joe Biden’s ban on some investment in Chinese sensitive technologies. US equities ended on a mixed note on Thursday after US Biden’s prohibition of investment in China offsets the impact of slower-inflation growth.

The US Dollar Index (DXY) climbs above 102.60 as producers elevate the prices of goods and services at factory gates by 0.3% while analysts forecasted a pace of 0.2%. Annual headline PPI rose to 0.8% against surprisingly higher expectations of 0.7%. Headline PPI rose beyond expectations due to a recovery in gasoline prices in July. Also, monthly core PPI grew at a 0.3% pace, higher than estimates of 0.2%.

Investors hope that the Federal Reserve (Fed) could pause the policy tightening spell and keep interest rates steady. Monthly inflation grew at a 0.1% pace in July, which were in line with the Fed’s desired rate of 2%.

On the Tokyo front, the Japanese Yen remains under pressure amid an absence of support from the Bank of Japan (BoJ) policy. Analysts at Commerzbank stated even if the BoJ wanted to start a slow exit from its yield curve control with its current monetary policy that cannot be positive for the Yen due to the lack of transparency.

USD/JPY

Overview
Today last price	144.8
Today Daily Change	0.05
Today Daily Change %	0.03
Today daily open	144.75

Trends
Daily SMA20	141.44
Daily SMA50	141.6
Daily SMA100	138.37
Daily SMA200	136.49

Levels
Previous Daily High	144.82
Previous Daily Low	143.29
Previous Weekly High	143.89
Previous Weekly Low	140.69
Previous Monthly High	144.91
Previous Monthly Low	137.24
Daily Fibonacci 38.2%	144.23
Daily Fibonacci 61.8%	143.87
Daily Pivot Point S1	143.75
Daily Pivot Point S2	142.75
Daily Pivot Point S3	142.22
Daily Pivot Point R1	145.28
Daily Pivot Point R2	145.81
Daily Pivot Point R3	146.81

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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